Which of the Following Is an Implicit Cost of Production

question 267

Multiple Choice

Which of the following is an implicit cost of production?

• A)interest paid on a loan to a bank
• B)wages paid to labor plus the cost of carrying benefits for workers
• C)the utility bill paid to water, electricity, and natural gas companies
• D)rent that could have been earned on a building owned and used by the firm

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Definitions:

Visualization

Technique of imagining that you are performing a particular task in a certain way; positive visualization can enhance self-esteem.

Avoiding Comparisons

A strategy to maintain self-esteem and happiness by not measuring one's accomplishments or life situation against others.

Johari Window

A model used to enhance the understanding of oneself and relationships, illustrating what is known by the person, others, both, or neither.

Open Area

A space that is freely accessible and unenclosed, often used for gatherings or leisure activities.